Marcus & Millichap facilitated the sale of a 29,983-square foot office property located at 1S443 Summit Avenue in Oakbrook Terrace, Illinois, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $3,730,000.
Mitchell Kiven, a senior associate in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investment fund, whom Mitchell had represented when they purchased the property in 2018. The buyer was secured and represented by Brian Parmacek, a first vice president investments in Marcus & Millichap’s Chicago Downtown office
While this suburban office property was listed in the midst of an ongoing global pandemic, and amid a growing work-from-home trend, the inherent value of the real estate, its strong location in Oakbrook Terrace, as well as the asset’s mostly medical tenant base, were compelling to a wide variety of local and national investors. After a six-week marketing campaign, Kiven and his team procured four offers on the property and went to contract within 95 percent of the asking price.
